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If you thought all would be revealed about European banks’ balance sheets on July 23, think again. While an aggregate of the results from the tests will be provided on the day, a complete breakdown won't be available until two weeks later. The reason? Coordinating the results for the 90-odd banks undergoing the tests. The delay will come as a blow to the markets which are eagerly awaiting to discover the full extent of Europe's sovereign debt woes.

The news was revealed at a meeting of the Economic and Financial Affairs Council earlier today, where “transparency” was the buzzword du jour. Didier Reynders, Belgium’s finance minister, assuaged concerns about the delay by emphasising that transparency was at the “heart” of the stress tests.

On the outcome, Olli Rehn, the European commissioner for economic and financial affairs, said: “We are confident that the tests will give a clear and accurate picture of the resilience of the European banking system. Nevertheless in case any elements of vulnerability are identified, systems are in place to deal with them swiftly and properly.”

A three-step procedure was outlined at the meeting. Banks which need to address “residual pockets of vulnerability” are expected to seek financing from either shareholders or the markets. The next line of defence should be the national “financial backstops”, which were put into place following the financial crisis. In the worst-case scenario, the EU is on standby in to offer assistance with recapitalisation, possibly from the €440bn European financial stability facility, and a separate €60bn European financial stabilisation mechanism – although any loans will come with strict restructuring conditions attached.

But ever the optimist, Rehn said: “I am confident that this will not have to be used but in any case we have this option. The European banking sector is strong and resilient overall."